A market-focused, or customer-focused, organization first determines what its potential customers desire, and then builds the product or service. Marketing theory and practice is justified in the Cheap Generic Nexium belief that customers use a product or service because they have a need, or because it provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion Cheap Generic Nexium of relationships with existing Cheap Generic Nexium customers (base management). Once a Cheap Generic Nexium marketer has converted the prospective buyer, base management marketing Cheap Generic Nexium takes over. Cheap Generic Nexium The process for base management shifts the marketer to building Cheap Generic Nexium a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect the business from competitive encroachments.
For a marketing plan to be successful, the mix of the four Cheap Generic Nexium "Ps" Cheap Generic Nexium must Cheap Generic Nexium reflect the wants and Cheap Generic Nexium desires of the consumers or Shoppers in the target market. Trying to convince a market segment to Cheap Generic Nexium buy something they don't want is extremely expensive and seldom successful. Marketers Cheap Generic Nexium depend on insights from Cheap Generic Nexium marketing research, both formal and Cheap Generic Nexium informal, to determine what consumers want and what they are willing to pay for. Marketers hope that this process will give them a sustainable competitive advantage. Marketing management is the practical application of this process. The Cheap Generic Nexium offer is also an important Cheap Generic Nexium addition to Cheap Generic Nexium the 4P's theory.
Within most organizations, the activities encompassed by the marketing function are led Cheap Generic Nexium by a Vice President or Director of Marketing. A growing number of Cheap Generic Nexium organizations, especially Cheap Generic Nexium large US companies, Cheap Generic Nexium have a Chief Marketing Cheap Generic Nexium Officer position, reporting to the Chief Executive Officer.
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The American Marketing Association (AMA) states, �Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.".
Marketing methods are informed by many of the Cheap Generic Nexium social sciences, particularly psychology, sociology, Cheap Generic Nexium and economics. Anthropology is also a small, but growing influence. Market research Cheap Generic Nexium underpins these activities. Through advertising, it is also related to many of the Cheap Generic Nexium creative arts. Marketing is a wide and heavily interconnected subject with extensive publications. It is also an area of activity infamous for re-inventing itself and its vocabulary according to the times and the culture.
Many companies today have a customer focus (or customer orientation). This Cheap Generic Nexium implies that Cheap Generic Nexium the company focuses its activities Cheap Generic Nexium and products Cheap Generic Nexium on consumer demands. Generally there are three ways of doing this: the Cheap Generic Nexium customer-driven approach, the sense of identifying market changes and the product innovation approach.
In the consumer-driven approach, consumer wants are the Cheap Generic Nexium drivers of all strategic marketing decisions. No Cheap Generic Nexium strategy is pursued Cheap Generic Nexium until it passes the test of consumer research. Every aspect of a Cheap Generic Nexium market offering, including the nature of the product Cheap Generic Nexium itself, is driven by the Cheap Generic Nexium needs of Cheap Generic Nexium potential Cheap Generic Nexium consumers. The starting point Cheap Generic Nexium is always Cheap Generic Nexium the consumer. The rationale for this Cheap Generic Nexium approach is that there Cheap Generic Nexium is Cheap Generic Nexium no point spending R&D funds developing products that people will Cheap Generic Nexium not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.
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A Cheap Generic Nexium formal approach to this customer-focused marketing is known as SIVA[3] (Solution, Information, Value, Cheap Generic Nexium Access). This system is basically the Cheap Generic Nexium four Ps renamed and reworded to provide a customer focus.
The SIVA Model provides a demand/customer centric version alternative to the well-known Cheap Generic Nexium 4Ps supply side model (product, price, place, promotion) of marketing management.
In a product innovation approach, the company pursues product innovation, then tries to develop a market for the product. Product innovation drives the process and marketing research is conducted primarily to ensure that a profitable Cheap Generic Nexium market segment(s) exists for the innovation. The rationale is that customers may not know what options will be available to them in the future so we should not expect them Cheap Generic Nexium to tell us what Cheap Generic Nexium they will buy in the future. However, marketers can aggressively over-pursue product innovation and try to overcapitalize on a niche. When pursuing a product innovation approach, marketers must ensure that they Cheap Generic Nexium have a varied and multi-tiered approach to product innovation. It is claimed that if Thomas Edison depended on marketing research Cheap Generic Nexium he would have produced larger candles rather than inventing light Cheap Generic Nexium bulbs. Many firms, such as research and development focused companies, successfully focus on product innovation (Such as Nintendo who constantly change the way Video games are played). Many Cheap Generic Nexium purists Cheap Generic Nexium doubt whether this is really a form of marketing orientation at all, because of the ex post status Cheap Generic Nexium of consumer research. Some even question whether it is marketing. |
